Time Frame for Returning Title IV Funds
Title IV funds are federal student aid programs authorized by the Higher Education Act of 1965, administered by the U.S. Department of Education to help students pay for postsecondary education. These funds include grants (Pell, SEOG), loans (Direct Subsidized/Unsubsidized, PLUS), and work-study, primarily covering tuition, fees, and, with authorization, other educational expenses. Upon withdrawal from the College, calculations to determine the amount to be returned of Title IV Funds calculations will occur. Central will return funds to the appropriate Title IV program as soon as possible, but never later than 45 days from determination that a student has withdrawn from the institution.
If the refund calculation results in an amount owed back to the student, the balance will be disbursed to the student on the first Friday following the calculation AND always within 14 days of the balance occurring on the student’s account.
In the event the refund calculation results in an amount to be returned to the Title IV programs that exceeds the amount Central College had originally retained on the student’s account, the College will repay the Title IV program on the student’s behalf and the student would then owe the College the same amount.
Any payments owed to the College are due within 30 days of notification. Interest of 1.5% per month will be assessed against unpaid balances.